SandRidge selling Permian fields for $2.6 bln

SteveGelsi

NEW YORK (MarketWatch) -- SandRidge Energy Inc.
SD, -7.31%
said Wednesday it'll sell for $2.6 billion in cash its Permian Basin oil and gas properties to Sheridan Production Partners II, a privately-held energy company based in Houston. Oklahoma City, Okla.-based SandRidge said the deal is part of its effort to develop the "highly scalable, high return Mississippian Play" of northern Oklahoma and western Kansas. The sale excludes assets associated with SandRidge Permian Trust
PER, -6.24%
The deal is expected to close in the first quarter of 2013. SandRidge announced on November 8 that it was exploring the sale of the assets. The Permian region is located in Texas and New Mexico.

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